Clifford Chance‘s Hong Kong team forms a key part of the firm’s integrated Greater China ECM offering (including significant resources in Beijing and Shanghai) that provides ‘a customer-centric and efficient service’ to issuers and underwriters/sponsors, both in relation to IPOs on the main board of the HKSE and international offerings. Chinese companies from a variety of industries, including the TMT, healthcare and financial services sectors, form a large proportion of the firm’s client base and continue to provide substantial work-flow after the IPO stage, including on ongoing Hong Kong listing compliance matters, private placements, rights issuances and privatisations. Beijing-based Tim Wang heads up the overarching Greater China ECM offering that includes key Hong Kong practitioners Virginia Lee, who as well as her transactional work is also noted for her strong regulatory grounding, and the ‘responsive’ Fang Liu, who provides ‘high-quality advice’ to issuers and global investment banks on Hong Kong IPOs, as well as SEC-registered offerings. Amy Lo retired in April 2022.

Headed up from Hong Kong by David Zhang and also benefitting from strong coverage in Beijing and Shanghai, Kirkland & Ellis‘ integrated Greater China capital markets offering is a popular choice among underwriters and issuers across a range of ECM matters. The firm’s US heritage and ability to resource matters utilising US-qualified practitioners in Hong Kong ensures that it is a particularly compelling proposition for PRC companies on their dual listings. Although the practice is industry agnostic it has been particularly active advising on biotech and life sciences listings, including Mengyu Lu‘s recent representation of the joint sponsors and underwriters on Keymed Biosciences’ $400m global offering and listing on the HKSE. Lu also has deep regulatory expertise and has more recently been at the forefront of efforts to fashion a regulatory framework in Hong Kong for the listings of SPACs and potential deSPACs.

US-headquartered finance powerhouse Latham & Watkins LLP is a major force across Greater China, and with several partners based out of Hong Kong, has the strength in depth to handle a range of ECM mandates, including IPOs, follow-on offerings and equity derivatives, for a balanced roster of issuers and underwriters. A number of the team have particularly acute knowledge of the life sciences, heathcare and TMT industries, which they have leveraged to good effect for many Chinese issuers on their Hong Kong and US IPO projects. Greater China chair Cathy Yeung remains pivotal to much of this work and is able to leverage her transactional experience and her deep regulatory knowledge. Benjamin Su is key to much of the firm’s work in the TMT space and has developed excellent ties with both Chinese issuers and international underwriters.

With a strong and established presence in Hong Kong and a growing offering out of Shanghai, Norton Rose Fulbright has successfully nurtured strong relationships with regional and international banks, ensuring that the firm picks up a significant pipeline of work, particularly in the context of mid-market Hong Kong IPOs. UK and Hong Kong-qualified team head Psyche Tai has vast experience in the market and is adept at advising on issues throughout the ECM life cycle, ranging from pre-IPO investments, IPOs and spin-offs, as well as post-listing compliance, and delisting work. Benefitting from superb technical and legal skills, as well as fluency in Mandarin and Cantonese, Terence Lau is a popular choice among regional banks across a variety of ECM matters spanning IPOs, convertible bonds, top-up placings and note subscriptions. Counsel Aldo Chan has a strong transactional practice, and provides compliance and regulatory advice to listed companies.

At Deacons, the ‘knowledgeable and well-respected’ Ronny Chow (who is also a member of HKEX’s Listing Review Committee) leads a team of ‘talented and dedicated practitioners who are well versed with the nuances of corporate finance transactions’. Underwriters, sponsors and issuers are appreciative of the practice’s ability to ‘provide useful and practical analysis on related legal issues’, including as it pertains to regulatory analysis, ensuring that clients receive a holistic service that is fully compliant from a risk management perspective. The scope of the work is broad and includes advice on IPOs and listings on both the Main Board and Growth Enterprise Market of the HKSE, as well as a range of other related matters, including block trades, private placements, rights issuances and other secondary offerings. Maynard Leung is also recommended.

Benefitting from ‘a good collaborative relationship with its PRC parent firm’, Fangda Partners‘ Hong Kong team is very effective at advising Chinese entities, including SOEs – where it is noted for its ability to provide ‘very targeted legal advice’ – across a range of ECM matters, including Hong Kong IPOs, public M&A and PIPEs. Christina Fu ‘is very effective in working under pressure and deadlines’ and excels at advising on IPO matters and ongoing regulatory compliance matters. Colin Law heads up the team.

Hogan Lovells punches above its weight in the market by virtue of its strong international network, allowing it to advise on large cross-border mandates. Although the team is active across a range of IPOs, global offerings and rights issuances, the group acts for underwriters and issuers in relation to a range of sectors with real estate matters a particular strength. Corporate head Sammy Li recently advised Central China Management Company on its spin-off from Central China Real Estate and IPO and listing of shares on the Main Board of the HKSE. New York-qualified head of private equity Stephanie Tang has handled a raft of take private mandates for US-listed Chinese corporates and is also a useful resource to clients on Rule 144 A offerings.

Morgan, Lewis & Bockius has carved out a successful practice acting as company side counsel throughout the life-cycle of ECM mandates, from initial listings, through to post-IPO matters and advice across a range of work for the subsequently listed companies. Although the firm is active across a range of industry sectors, it has gained most traction advising education sector issuers on Hong Kong-based IPOs, as well as frequently on their concurrent global placements. Team head Edwin Luk has a strong reputation in the market and has been pivotal to the firm’s success in the education sector.

Benefitting from ‘strong technical expertise at the listing level in Hong Kong’, as well as deep industry knowledge in certain core areas, Morrison Foerster has developed particular strength advising issuers and underwriters on IPOs (and post listing compliance matters) in the TMT, life sciences and healthcare sectors, in particular. Noted by clients for her ‘hands-on and knowledgeable‘ approach, Vivian Yiu often takes the lead on the most significant Hong Kong IPOs handled by the team, including mandates in cutting-edge areas such as the burgeoning SPAC market, which she has been at the forefront of in terms of shaping new laws as well as transactional work. The ‘very technical’ Ke Huang co-heads the team alongside Yiu and excels at advising on international capital markets matters, including advice on Rule 144A and Regulation S mandates. Venantius Tan recently retired.

Drawing upon the expertise of lawyers spread across Greater China with Hong Kong, US and English law capabilities, DLA Piper provides ‘cost-effective, high-quality and practical advice’ on Hong Kong listings and concurrent global offerings pursuant to Regulation S. The arrival in November 2021 of New York-qualified specialist George Wu from Herbert Smith Freehills was the latest of a series of recent hires, which also included the ‘very knowledgeable’ Arthur Tso from Kirkland & Ellis in March 2021.

Eversheds Sutherland‘s Greater China capital markets team has ‘rich experience in IPO and post-listing compliance work’ for issuers, sponsors and underwriters. The team, under the guidance of corporate head Stephen Mok, has successfully refocused its efforts for Hong Kong-listed corporates on their M&A activity. Other key practitioners include the ‘very experienced and diligent’ Dickson Ng, who combines corporate, M&A and capital markets expertise, and Roger Zhou, whose arrival in November 2021 from Morgan, Lewis & Bockius further enhanced the firm’s IPO practice.

Acting as sole adviser, as well as frequently in collaboration with US and Europe-based lawyers, Jones Day‘s team handles a range of domestic and cross-border ECM work for a balanced mix of issuers, corporates, sponsors and underwriters. Joelle Lau has a strong track record advising on Hong Kong listings within traditional industries, as well as in relation to the biotech, healthcare and TMT sectors. Lau co-heads the team alongside Charles Chau, whose varied securities and corporate finance expertise, includes advice on public M&A mandates, as well as listings and ECM regulatory advice.

Milbank‘s Hong Kong-based capital markets team has strong coverage for issuers and underwriters in relation to Southeast Asian mandates. Team head James Grandolfo has been pivotal to much of this work, and alongside the ‘reliable and very well versed’ Paul Pery, is particularly adept at advising on Philippines-related matters.

Shearman & Sterling handles work for a bank-focused client base, acting as underwriters and agents on IPOs in other Asian venues, including recently in connection with One 97 Communications Limited (Paytm)’s $2.46bn India IPO. New York and Hong Kong-qualified team head Kyungwon Lee led on this deal and, as well as being adept handling Reg S offerings, has also recently advised placement agents on numerous PIPE transactions pursuant to SPAC listings in the US. Wanda Woo‘s return to the firm from Wilson Sonsini Goodrich & Rosati in February 2022 enhanced the team’s credentials in the market and added more capability in relation to Hong Kong listings.

Leveraging ‘good connections with the Hong Kong regulators’, Sidley Austin provides a ‘very commercial approach’ to issuers and underwriters on IPOs, follow-on offerings and compliance matters. Co-headed by Sherlyn Lau and Constance Choy, the team is ‘very experienced in various industry sectors’, including the TMT and biotech industries, and has also been active in the first wave of Hong SPACs and US SPACs involving targets in China. Key members of the team include Meng Ding, who advises on Hong Kong IPOs and US SEC-registered offerings, and the ‘smart and attentive’ Claudia Yu, who was recently promoted to partner.

Led by ‘creative and knowledgeable’ US and Hong Kong-qualified partner Dan Ouyang, Wilson Sonsini Goodrich & Rosati‘s Greater China offering, which includes practitioners in Hong Kong, Beijing and Shanghai, is particularly appreciated for its ability to provide an ‘integrated approach to executing both US and Hong Kong capital market transactions’. The team has particular industry expertise in high-growth sectors, including the technology and healthcare industries, and has recently been involved in numerous Hong Kong IPOs in these areas. The team is also adept at handling private placements, follow-on offerings and Hong Kong and US SPAC transactions.

‘Very familiar with the process and requirements of listing in Hong Kong’, Dentons Hong Kong‘s team provides ‘balanced and very client-focused advice’ to issuers and underwriters, including many Chinese and boutique Hong Kong financial institutions. The ‘experienced and conscientious’ Norman Hui heads up the ECM team, which also includes Rachel Han, who is appreciated for her ability to ‘foster good client relationships’. Gordon Ng leads the overarching corporate finance function, and also has considerable expertise in relation to capital markets matters, including IPOs, pre-IPO financings, privatisations and de-listings.

Howse Williams handles work for underwriter and sponsor banks and issuers in relation to small to mid-cap ECM matters on the HKSE, including IPOs and secondary offerings. Brian Ho is the main contact for work in the space and has excellent credibility in the market as a result of his strong track record in private practice, as well as a tenure spent as an investment banker.

Led by UK and Hong Kong-qualified partner Billy Au, Mayer Brown advises a balanced mix of issuers and underwriters on mid-sized listings and global offerings on the HKSE. Hong Kong and New York-qualified partner Thomas Kollar has a focus on cross-border corporate finance mandates, including a considerable amount of work – alongside colleagues in the US – in relation to Nasdaq-listed SPAC IPOs.

Winston & Strawn LLP provides a ‘reliable and efficient’ service to issuers, underwriters and sponsors on HKSE listings, on both the main board and the Growth Enterprise Market. David Cheng is ‘hands on and knowledgeable‘ and takes the lead on most of the Hong Kong-related capital markets work, including IPOs, spin-off listings and equity-linked transactions. Hong Kong and New York-qualified team head Simon Luk has been particularly active advising Asian tech-related SPACs listing in the US.